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Is It Better To Buy vs Rent in Chicago?

Housing - May 24, 2019

Deciding between renting or buying in Chicago is one of the biggest decisions you’ll have to make in your life. Both of these options have their advantages and disadvantages and you’ll have to learn about them before making the decision. In case you have zero experience and knowledge regarding this topic, fear not. We’re here to help you! We have created a comprehensive guide with all the pros and cons listed below. All you have to do is read our guide on buy vs rent in Chicago and you’ll get the necessary pieces of information that will help you make this tough decision before your move.

Buying a home in Chicago

Buying a home is an American dream come true! People with an extensive moving budget don’t have to think a lot about whether they should buy vs rent in Chicago. This is because they can become homeowners without worrying about their other living costs. Unfortunately, most people have to think twice before getting themselves a home. And this is why we have prepared for you the pros and cons of buying a home. Reading them is of the utmost importance! They will help you decide where will your residential movers Chicago move you – to the rental or your own home.

Pros

Here are some of the upsides of buying a home that will make you instantly do it and hire Lincoln Park movers to relocate you. So, what are the benefits of owning a home?

  • It’s cheaper than renting in the long run. Even though this might seem weird to you, owning a home can actually save you some money. Sure, you’ll have to spend quite a huge amount of money all at once, but eventually, owning a home will pay off.
  • You have a chance of building the equity. This is one of the key benefits of homeowning! In case you’re not familiar with this, you can learn how to access the equity in your home online.
  • You can start a remodeling project without having to ask your landlord first. Owning a home will give you the necessary freedom. There’s nothing worse than having to ask someone whether you can or can’t unleash your creativity.
  • Pride of ownership. Being able to buy a home is something you should be proud of since not all people can afford it.
Stacked coins next to a small house made from wood.
Buying a home is a good investment in the long run.

Cons

Even though the benefits of buying a home sound awesome, don’t forget that downsides exist, too. Here are only some of them.

  • Owning a home is a big commitment. Think about whether you can afford to buy a home. In case you buy an old house, you’ll probably have to spend money on repairs. Keep this in mind when planning your budget.
  • You may not be able to sell is fast. In case you decide to move, you’ll have to sell your home. But do you have a backup plan in case there are no potential buyers in sight?
  • Maintenance costs. These costs will be especially high for people who buy old homes. However, you can’t avoid making repairs in your home so this is not something you would want to save money on.
  • First few years will be tough. You’ll have to make small changes to your lifestyle until your wallet recovers from buying a home.

Renting in Chicago

So, we talked about buying a home and now let’s learn more about renting. This will give you a full picture of the epic showdown of buy vs rent in Chicago. It’s like finding a moving company with the best packing services Chicago – you have to compare all options before deciding which company you’ll choose. So, let’s learn more about the pros and cons of renting in Chicago.

Pros

Renting both an apartment and a house has its benefits. Here are the most important ones:

  • Low initial investment. You don’t have to invest a lot when renting. All you need is enough money for covering your monthly costs.
  • You have fewer responsibilities. Living in a rental home can sometimes be easier than living in your own home. You’ll have fewer responsibilities than your landlord, that’s for sure.
  • More mobility and flexibility. In case you get bored or decide to move because of other reasons, you’ll be able to do it whenever you want to.

    House exterior
    It’s easier to rent a luxury home than to buy one.

Cons

Now, it’s time for getting informed about the downsides of living in a rental. So, what bothers most people who rent?

  • Rents can go up over time. Even though you worked hard to find a cheap home, its rent may go up over time because of unknown reasons.
  • You don’t have your freedom. You’ll be living in someone else’s home. Therefore, you’ll have to consult with your landlord even when planning to make minor changes to your rental.
  • There is a chance you may have to move on short notice. In some cases, landlords may decide to sell their home which means you’ll have to move out on short notice. If you’re a senior and this happens to you, you’ll want to have a phone number of reliable senior movers Chicago by your side.

Buy vs Rent in Chicago – final thoughts

So, in an epic battle of buy vs rent in Chicago, which one is a better option? Well, we’re not the ones who can answer you this important question. And that’s why we have created this guide for you. You should read our guide carefully, weigh those pros and cons, and eventually, you’ll get your answer. However, we have to tell you that both buying and renting can be a good thing. But, for some people renting will be better than for others and vice versa. Therefore, you should choose the option that will be able to suit all your needs and make you happy!

Person holding keys after deciding whether to buy vs rent in Chicago
At the end of the day, what matters the most is to find a home that will suit all your criteria

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